Payments modernization: An account holder view

You’ve heard the term payments modernization and appreciate the value. However, offering a modern payment experience can be difficult when you have a legacy infrastructure with various vendor solutions patched together. It makes for inconsistent user experiences across various payment products and services—e.g., a consumer might have a different experience when doing an A2A transfer than when they do electronic bill pay. Having a unified, consistent experience is the key to the future success of your institution. The pandemic accelerated expectations for a superior digital experience,  so convenience and modern user interfaces are also expected. But what does all of this mean from the perspective of your account holders?

Jane needs to pay her car loan. She knows she can do it using her computer or her phone, but she has been really busy lately and hasn’t had the time to sit down and focus. She asks Alexa on her Amazon Echo Dot to make a one-time payment using her debit card and is relieved to get it paid before she incurs past due charges.

Convenient loan payments mean offering as many payment options as possible — mobile, web, IVR, agent, walk-in, Facebook Messenger, or intelligent assistants. This also means payment methods, such as ACH and card payments, and payment options such as one-time-recurring and autopay.


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